More than 800,000 UK families have boosted their finances with childcare savings this tax year.
HMRC is urging those who haven’t yet signed up for Tax-Free Childcare to do so now, ready for the summer months.
Parents can use the scheme to help towards the cost of approved childcare, whether that’s nursery for younger children, or older children – wraparound or after-school care clubs during term time or holiday clubs for the long summer holidays ahead.
Tax-Free Childcare can provide financial support of up to £2,000 a year per child, or £4,000 if their child is disabled, towards the cost.
Myrtle Lloyd, HMRC’s Director General for Customer Services, said, “Summer can be an expensive time if you have children. Whatever you’re planning, Tax-Free Childcare can give your plans a welcome financial boost. Go to GOV.UK to start saving today.”
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Families could be eligible for Tax-Free Childcare if they:
- have a child or children aged 11 or under. They stop being eligible on the 1st of September after their 11th birthday. If their child has a disability, they receive up to £4,000 a year until the 1st of September after their 16th birthday
- the parent and their partner (if they have one) earn, or expect to earn, at least the National Minimum Wage or Living Wage for 16 hours a week, on average
- each earn no more than £100,000 per annum
- do not receive Universal Credit or childcare vouchers
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